Category Archives: Buyers

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Neighborhood Features That Drag Down Prices

Neighborhood

Living near bad schools can decrease a home’s value big time. Indeed, the median home price in ZIP codes with schools that receive a one to three rating (out of possible 10) is only $155,000.

Realtor.com® analyzed home prices and appreciation rates in U.S. ZIP codes to identify possible factors that could drag down prices. Researchers compared the median home price of the ZIP with that facility with the median price for all homes in the same county.

Here are five neighborhood features that had the biggest impact on dragging down nearby home prices.

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4 of 5 Americans Rate Housing a Good Investment

Young Family

The majority of Americans say that owning a home is a good investment, according to a new poll of more than 2,800 registered voters commissioned by the National Association of Home Builders.

“The survey shows that most Americans believe that owning a home remains an integral part of the American Dream and that policymakers need to take active steps to encourage and protect home ownership,” says NAHB Chairman Ed Brady. Those surveyed were split on which one of the current presidential candidates they felt would be best for housing, at 37 percent each, while 25 percent of those surveyed said they “don’t know.”

The survey found that 72 percent of Americans say that they support the government providing tax incentives to encourage home ownership.

Eighty-one percent of 18-29 year olds surveyed say they want to be able to buy a home one day.

However, obstacles still remain in their path, as well as for others too. Among all those polled, 55 percent say that the biggest obstacle to buying a home is finding a home at a price that they can afford. Fifty percent said they were prevented from buying due to insufficient savings for a down payment, and 41 percent say they are struggling to get approved for a home loan.

Still, 36 percent of the more than 2,800 Americans surveyed say they hope to buy a home within the next three years, the survey showed.

Source: REALTOR Mag

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What Are Americans’ Top Housing Concerns?

Planning

It might not be all low inventory and high prices. It seems Americans have a confidence problem when it comes to the housing market. They’re increasingly apprehensive to move forward, citing concerns over the economy and job security, according to the latest ValueInsured Modern Homebuyer Survey, a measure of confidence in the health of the housing market among more than 1,000 home owners and buyers.

Americans also still express lingering concerns from the housing crisis of 2008, particularly millennials. Sixty-three percent of Americans and 72 percent of millennials say the crash worried them and impacted their decision to either purchase their first home or upgrade to a new one, according to the survey.

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Baby Boomers Chart New Direction in Housing

Purple Door

Economists are having a tough time figuring out what housing market moves baby boomers will make next. Americans over the age of 55 are veering from previous generations, opting not to retire but instead launching second or even third careers. They are shunning the traditional patterns of retirement and that could have a big impact on their housing choices, according to Freddie Mac’s latest Insight report focusing on the baby boomer generation.

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Popular Low Down Payment Options

Many first-time buyers shy away because they think they need a bigger down payment than they really do. Contrary to popular belief, there are alternatives to putting less than 20% down on a home. This infographic highlights a few key pieces of information to consider when considering loan options with a low down payment.

Popular Low Down Payment Options

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Americans Will Pay More to Live Near Transit

Planning

Fifty-five percent of Americans say they are willing to pay more for their mortgage or rent in order to get to work and recreational activities without having to use a car, a new study of transit-oriented developments by the HNTB Corp revealed.

Millennials, in particular, show much more willingness to pay more each month than older Americans – 70 percent versus 49 percent.

Read the full article…

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4 Things Only a Realtor (and Not the Internet) Knows About Real Estate

According to the National Association of Realtors, 42 percent of homebuyers start their home search online, and 92 percent use the Web during the home search process.

Only a Realtor

While the Internet can be a good place to start looking, there are things real estate agents know about the process of buying and selling a home that can’t be found in any Web browser. Here are a few:

1. How to price a home

When setting a listing price, agents consider scores of factors, from local and national market trends and neighborhood development activity to the latest buyer preferences for kitchen appliances and landscaping. Every home is unique, and an agent with a track record of success knows how to price it attractively in the market.

The Internet isn’t always much help when it comes to comparison shopping, either. Many of the same factors that help an agent set an appropriate listing price aren’t available in an algorithm, so online estimators aren’t always accurate – and could be costly if you purchase without consulting a real, live professional.

2. Marketing offline

While online marketing can certainly be valuable, agents have networks of contacts and years of experience to round out their marketing plans.

And, for buyers, agents often can tap into their network to learn about great properties before they hit the real estate websites or even the MLS.

3. Key points in the process

If you find a home you love online, the website won’t be there to guide you through a mortgage application, find a home inspector or advise you what to do if an inspection reveals issues.

4. How to negotiate

Having an experienced, professional negotiator drive your transaction can be vital to reaching a fair price for the property you’re buying or selling. A website can give you an estimate of how much a property should cost, but it can’t evaluate whether that’s a great price or not.

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4 Ways to Prepare for the Final Walk-through

Home

When you are buying a home, the final walk-through is very important to ensure that any requested repairs have been taken care of by the seller and that everything in the home is in good working condition. In most cases, the final walk-through takes place a few days before closing.

Follow these four tips to make sure that you do not miss out on any details during the final walk-through of your new home.

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5 Tips to Help Buyers Save for a Down Payment

Calculator

Saving for a down payment can pose one of the biggest challenges for potential home buyers.

Indeed, “a down payment is often the largest single payment a consumer makes in their lifetime and saving for it isn’t easy,” says Corey Carlisle, executive director of the American Bankers Association Foundation. “However, with a few changes, consumers can put themselves on track to make their home ownership dream a reality.”

In honor of American Housing Month, the American Bankers Association Foundation recently featured several tips to help consumers cut their household costs and start saving for a down payment.

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Mortgage Rates Hover Near All-Time Low

Graph - down

Fixed-rate mortgages recently dropped to their lowest averages of the year, which analysts attribute to the fallout from the recent “Brexit” vote. The 30-year fixed-rate mortgage averaged 3.48 percent, only 17 basis points from its all-time record low of 3.31 percent in November 2012, Freddie Mac reports.

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